Performance Highlights

1Q24 Review: Net Profit Falls despite Traffic Rebounding

Container throughputs increased 20.4% YoY in 1Q24

• In 1Q24, PPAP reported a surge in port activities as the total container throughputs increased by 20.4% YoY to 93,153 TEUs. Despite the robust throughputs increase, container shipment (in tons) decreased by 6.5% QoQ but moderately increased by 3.08% compared to the same period last year. Container shipments for imports and exports increased by 3.9% YoY and 2.3% YoY, respectively, due to the recovery of the manufacturing industry (exports of GFTs rose 20.0% YoY). In 1Q24, Cambodia s total imports and exports rose 6.4% YoY and 18.0% YoY, respectively, as reported by the General Deportment of Custom and Excise (GDCE).


• While container cargo shipments increased 3.1% YoY to 522,654 tons, general cargo shipment robustly grew by 20.4% YoY to 276,023 tons, due to the rising exports of agricultural products (exports of agricultural commodities grew 28.1% YoY). Meanwhile, oil & gas shipments from PPAP marginally rose by 1.6% YoY while the number of oil vessel decreased marginally from 132 oil vessels in 1Q23 to 131 oil vessels in 1Q24. Despite an increase in Cambodia s oil & gas imports, PPAP s share of oil & gas imports has been declining YoY. This is due to Sihanoukville Autonomous Port (PAS) gaining more market share, capturing 73.5% of total oil & gas imports by the end of 1Q24.

Top line in 1Q24 grows by 6.8% YoY on increasing container traffic

• PPAP earned KHR32.8bn in total revenue in 1Q24, up 6.8% YoY, driven mainly by the robust growth of 18.6% YoY from stevedoring. Income from LoLo and port services grew by 7.9% YoY and 13.3% YoY, respectively. Furthermore, the port witnessed a strong recovery of the tourism sector as tourist cruises and number of international tourists via Cambodia-Vietnam increased YoY by 29.7% and 82.9%, respectively. However, storage revenue declined 68.1% YoY and other income decreased by 38.4% YoY, driven by an 89.4% YoY decline in income from logistic services.

EBITDA in 1Q24 drops slightly as operating costs and depreciation expenses rise

• In 1Q24, EBITDA slightly declined 0.9% YoY to KHR 14.1bn. Operating expenses excluding depreciation & amortization rose 12.4% YoY to KHR 29.1bn, driven mainly by 9.2% YoY increase in personnel expenses, 12.2% in crane charge, and a 92.5% YoY increase in business entertainment expenses. Furthermore, as depreciation expense rose by 15.4% YoY, EBIT declined 8.4%, squeezing its EBIT margin by 4.5%pt.

Quarterly net profit drops to lowest since 2Q18

• PPAP earned KHR 6.19bn in net profit in 1Q24 (down 22.2% YoY) recording the lowest quarterly earnings since 2Q18. Despite the decrease in pre-tax profit, income tax expense surged 50.9% YoY, with the effective tax rate expanding by 12.3%pt to 31.2%, due mainly to the 52% increase in non-deductible expenses and a significant adjustment to estimates related to prior period. As a result, net profit margin decreased by 7.0%pt to 18.8%.


• The last trailing twelve months (ttm, up to 1Q24) earnings per shares (EPS) decreased to KHR 1,795 from KHR 1,881 in 4Q24, representing the lowest EPS (ttm) since 4Q18, when it only achieved KHR 1,616. With the closing price of KHR 13,220 (end of March 2024), the 1Q24 ttm P/E ratio dropped from 7.40x in 4Q23 to 7.36x in 1Q24.

Container throughputs

Container, general, and oil cargoes

Breakdown of revenue

Financial Ratios